AERGO: The Blockchain Fuel For Autonomous Business

“We are now living in the history-making of money, started with goods exchange, to using gold or silver, then paper notes, plastic cards and now digital currencies.”

It has almost been a decade since the anonymous person by the name of Satoshi Nakamoto coined the idea of a P2P electronic cash system ‘Bitcoin’ and we witnessed in the year 2017 the virtual currency and its underlying technology started going mainstream.

It is now after mainstream attention we see the technology potential but also realize the underlying problems like scalability [bitcoin can do on an average 7 transaction per second and Etherium 20 transaction per second] and decentralization [due to complex computation power these days miners pool to share their processing power over a network thereby parting ways to the very nature it was based on].

If you are wondering the above picture, it is the very first ‘Camera’.

Picture this as BitCoin. The way Cameras has changed then and now, will very much happen in blockchain space and BTC could be lying in the history books.

It’s time to evolve …

AERGO aims to build a generation 4.0 ‘advanced enterprise ready blockchain’, by opening up a new era of mass market usage of blockchain. An era where businesses can benefit from both public and private blockchain innovation.

It enables enterprises and developers to easily design, build and deploy their own blockchain applications (public, private or hybrid) within the cloud.

The AERGO Platform has three main components :

1) AERGO Chain intends to be a public blockchain protocol designed to mitigate issues currently found on public blockchains.

– The CONSENSUS ALGORITHM in AERGO chain will be Delegated Proof of Stake (“DPOS”). DPOS is a progressive and network (energy) efficient model that has been used by a number of high-profile blockchain projects (such as EOS, Steem, and BitShares). It’s easy to understand and more importantly less likely to create hard forks.

– The SMART CONTRACTS in AERGO Chain supports SQL like scripting language for writing smart contracts. This new approach based on traditional well understood and easy to use technology, will enable the mass market of developers and users to adopt and integrate AERGO blockchain in their businesses.

2) AERGO Hub aims to work with and connects secure dApps with AERGO Chain. The dApps that are created are intended to be stored in one of two repositories (think of it as a GitHub).

– AERGO Public Repository is a shared, open and decentralized underlying infrastructure for dApps (used to host open source projects or automated build servers for public cloud computing).

– AERGO Private Repository, is a controlled, secure and private infrastructure for dApps. It aims to achieve access control, application security and performance, data compliance, as well as the quality of service that are highly required for enterprise IT systems

3) AERGO marketplace, a proposed one-stop shop for software applications, computing resources and other services optimized for AERGO Chain.
It proposes to enable third parties, such as service providers, independent software vendors, and cloud infrastructure vendors so that they can make their products and services available to users of AERGO.

Our Rating: A

Pros:

• AERGO’s core technology is based on COINSTACK2 from Blocko Inc. (“Blocko”), a leading blockchain technology and enterprise IT integration-services company with operations in the UK, South Korea, and Hong Kong. COINSTACK-based blockchain systems have already been deployed to 25 million users in over 20 in-production systems. We can expect development at a very advanced stage.
• Blocko has existing enterprise clients which use Blocko build blockchain systems. They can be encouraged to integrate or migrate to AERGO chain.
• AERGO built by Blocko, South Korean blockchain research and development company have become the leading enterprise blockchain company in South Korea with over 90% market share. Their blockchain-as-a-service platform, Coinstack, has been implemented at Samsung, LG CNS, Hyundai, and many other multi-billion corporations. Experienced team in deploying blockchain projects, successful entrepreneur track record. Read more.
• Developer friendly SQL like scripting language for writing smart contracts. This new approach will enable the mass market of developers and users to adopt and integrate AERGO blockchain into their businesses.
• The platform offers the possibility for developers to customize their blockchain and dApps on both permission and permissionless chains. Developers can choose to deploy public and private chains alone or a configuration that integrates both.

Cons:

• As per the following article, Aergo parent company Blocko has already raised 14 Million $ but not clear if it is for Aergo or reserved for expansion plans. Link
• The number of high-throughput blockchains joining the race increases day by day and it is uncertain how adoption be guaranteed. The company has a strong presence in South Korea but yet to test how it will fair in other regions.
• Its unclear at the moment after Aergo establishment, what will be the role of Blocko.
• AERGO chain is building their own contract engine so they would not be compatible with EVM, this means dApps currently running or built on Ethereum may take a long time to move to AERGO.
• Major tech companies are also targeting enterprise blockchain solution. Will have to wait and watch who wins the race.